Chapter 5
Which of the following is often considered to offer the least expensive loans (loans with low interest)?
parents or family members
Which of the following is the only online source authorized to provide you with a free copy of your credit report annually?
www.annualcreditreport.com
Information about a personal bankruptcy may be reported in your credit file for
10 years
FICO scores generally range from
350-850
Which of the following is NOT one of the three major credit bureaus?
FICO
Which of the following electronically subtracts money from your savings or checking account to pay for goods and services?
a debit card
Which of the following is NOT associated with credit cards?
a debit to your checking account
Which of the following is an example of open-end credit?
a department store credit card
Which of the following is an example of closed-end credit?
a mortgage loan
Personal bankruptcy can be filed under which section(s) of the U.S. bankruptcy code?
chapters 7 and 13
The question "will you repay the loan?" relates to
character
Molly purchased a $1,500 dishwasher from Best Appliances. She will make 12 equal payments over the next year to pay for it. She is using
closed end credit
The use of property or savings to secure a loan relates to
collateral
The periodic charge for the use of credit is called
Interest
Which of the following items should be shredded to protect yourself from identity theft?
Papers with personal information
When misused, credit can result in
all of the above
The APR is the percentage cost of credit on a(n) ________ basis
annual
The question "What are your assets and net worth?" relates to
capital
